Eczema therapeutics refers to medications prescribed for treating eczema, also known as atopic dermatitis. Eczema therapeutics includes topical corticosteroids, topical calcineurin inhibitors, crisaborole, and biologics that help reduce itching, scaling, skin infections and inflammation associated with eczema. These products provide relief to millions of patients worldwide suffering from atopic dermatitis.
The global eczema therapeutics market is estimated to be valued at US$ 19074.46 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The key market opportunity driving the growth of eczema therapeutics market is the rising prevalence of atopic dermatitis globally. According to scientific studies, the prevalence of atopic dermatitis has increased significantly over the past few decades. It is estimated that nearly 300 million people worldwide are suffering from atopic dermatitis currently. Children are at higher risk of developing atopic dermatitis, with nearly 1 in 5 affected. The increasing environmental allergens and changing lifestyle factors are contributing towards the rising incidence of atopic dermatitis. As there is no permanent cure available for eczema yet, lifelong treatment is required to manage the symptoms, thereby increasing the demand for effective eczema therapeutics such as biologics and newer therapies. This rising patient pool suffering from atopic dermatitis represents lucrative growth opportunity for players in the eczema therapeutics market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low in the eczema therapeutics market owing to high capital requirements and presence of established players. Newcomers will have to invest heavily in R&D to develop novel drugs, gain regulatory approval, and compete against existing brands.
Bargaining power of buyers: The bargaining power of buyers is moderate since eczema drugs have limited substitutes. However, price-sensitive customers can opt for generic versions once patents expire.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of a large number of raw material suppliers and contract manufacturers. However, suppliers may gain leverage if they can differentiate their products/services.
Threat of new substitutes: The threat of new substitutes is moderate as alternate therapies like topical steroids, wet wraps, light therapy etc. offer relief in mild-to-moderate eczema cases. However, their efficacy is limited for severe eczema.
Competitive rivalry: Competition is intense among major players offering innovative therapies as first movers gain advantage. Firms compete on parameters like pricing, efficacy, side effects, and marketing.
SWOT Analysis
Strengths: Wide range of prescription drugs to treat mild to severe eczema. Increased awareness level regarding proper management of eczema.
Weaknesses: High cost of biologics and new innovations. Risk of side effects from long-term use of certain medications.
Opportunities: Untapped growth potential in emerging markets. New product launches to expand treatment options.
Threats: Patent cliffs of blockbuster drugs. Stringent regulations for approval of new treatments. Alternative therapies gaining acceptance.
Key Takeaways
The Global Eczema Therapeutics Market Size is expected to witness high growth over the forecast period driven by the rising prevalence of eczema globally. The market size for 2023 is estimated at US$ 19,074.46 million and is projected to reach over US$ 36,000 million by 2030, increasing at a CAGR of 11%.
Regionally, North America holds the largest share of the eczema therapeutics market currently owing to the presence of major players, rising healthcare expenditure, and growing awareness about eczema treatment options in the region. The Asia Pacific region is poised to witness the fastest growth over the next few years on account of growing disposable incomes, increasing healthcare investments, and rising prevalence of eczema in India and China.
Key players operating in the eczema therapeutics market include Sanofi S.A., Encore Dermatology Inc, AbbieVie Inc., F. Hoffmann-La Roche AG, Novartis AG, Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Anacor Pharmaceuticals Inc., Meda AB, GlaxoSmithKline plc, AstraZeneca plc, and Pfizer Inc. These leading companies are focusing on new product launches and acquisitions to consolidate their market position.
For More Insights, Read: https://www.newswirestats.com/eczema-therapeutics-market-demand-growth-and-regional-outlook-by-2030/
